Everything You Need to Know About Finding Self Storage in McAllen, TX
There are a few things you should know about McAllen self storage before you begin your search. Storage unit prices and availability in McAllen are determined by many different factors, including real estate, population growth, the wealth of the local population, the current economic climate, and more. In order to give you a better idea of these factors in McAllen, we pulled in data from the US Census.McAllen, TX Self Storage and Moving
One of the primary uses of self storage is as a safe place to keep your things between moving homes. If many people are moving to or from McAllen, prices could be higher and availability lower. A city with a high amount of moving activity should see substantial changes in population, so by looking at population data for McAllen we can get a better idea of the amount of moving activity. The US Census tells us that the metro area population of McAllen grew from 130,890 in 2010 to 138,596 in 2014, which is a rate of 5.89% growth over four years.The Relationship Between Real Estate and Self Storage in McAllen, TX
In McAllen, like any city, the real estate climate can affect the prices and availability at storage facilties in a number of ways, one of those being the cost of housing. We can get a better idea of the relative cost of McAllen storage by looking into data on local home values and rental rates provided by the US Census. Census data tells us that the median home value in McAllen is $78,100, which is lower than the average median home value among the top 100 US metros. In the 5 year span from 2009 to 2013, median home values in McAllen grew by 11.89%. Housing in McAllen is more affordable than most other cities, with the median income making up 43.72% of the median home value. In McAllen, 68% of homes are occupied by their owner, a higher portion than other big American cities.
In terms of rental rates, median rent in McAllen is $641 per month, which is lower than other large US metros. Between 2005 and 2013, the median rent in McAllen grew by 9.57%, a lower rate than comparable cities. That rental rate would take up 23% of a median earner's income in McAllen, making McAllen less affordable for renters than the average for the top 100 US metros. 30% of McAllen housing is renter occupied, a lower rate than other major metros.
Self storage is commonly used when people need extra space, so cities where homes are smaller on average may have a greater need for storage space. In McAllen, homes have a median number of 5.4 rooms, which is lower than the average for large US cities. The median price per room in McAllen is $14,463, which is lower than average among the top US metro areas.
Housing occupancy and vacancy rates in McAllen can help us get a better idea of how much demand there is for living and storage space in McAllen and thus the kind of storage prices and availability we should expect to find. High occupancy rates can indicate a lack of housing supply in McAllen, which may correlate to a lack of storage unit inventory and thus higher rental rates for self storage in the McAllen area. McAllen is estimated to have a 90.6% housing occupancy rate, while the vacancy rate is at 9.4%. The average occupancy rate in US cities is approximately 89%, which is lower than the rate in McAllen, suggesting that storage unit inventory might also be tighter in McAllen. With fewer units available, storage facilities in McAllen may charge higher prices.Self Storage Prices and Economics in McAllen, TX
Statistics like income and economic growth can also hint at storage pricing, since higher local incomes will likely point to higher storage prices. This can be particularly useful if you're moving to McAllen from a different city. According to the most recent US Census data, median income in McAllen is $34,146, which is lower than the average for the top 100 US metro areas. Between 2009 and 2013, median income in McAllen grew by 13.53%. 1.7% of McAllen household have an income in excess of $200,000 a year, which is a lower rate than the average for large US cities. McAllen's GDP as of 2013 was $15,777,000,000, which gives it a GDP per capita of $19,265. That's a lower per capita GDP than the average for large cities in the United States. Cities where the populace has a higher level of education are typically wealthier and more expensive. 25% of McAllen residents over the age of 18 have a high school diploma, 10% have a college degree, and 4% have a graduate or professional degree.